Under-reaction in the Sovereign CDS Market
In: Journal of Banking and Finance, Accepted
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In: Journal of Banking and Finance, Accepted
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In what circumstances do organizations react to changes in their operating environment by adopting proportionate policy responses? And drawing on institutional theory, what expectations can we formulate in relation to the proportionality of policy responses to climate change? These two research questions frame this article, which seeks to make new connections between the emerging perspective of proportionality in policy-making and existing institutional theories. We find that institutional theories are well suited to formulating expectations concerning the (dis)proportionality of policy responses, but their explanatory power can be further improved by taking the characteristics of specific climate policy problems into account. While there are many different problems nested in the 'meta' problem of climate change, we find that most of them have characteristics which suggest that policy under-reactions are more, not less likely. Amongst institutional theories, rational choice institutionalism provides the clearest expectation that proportionate policy responses are unlikely. Policy entrepreneurship is identified as one obvious way in which to stimulate proportionate policy responses, through fostering new ways of thinking within organizations.
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Working paper
In: University of Miami Legal Studies Research Paper No. 18-4
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Working paper
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Working paper
In: Mathematics and Financial Economics 11(3):1-24 DOI:10.1007/s11579-016-0182-8
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In: Policy sciences: integrating knowledge and practice to advance human dignity, Band 54, Heft 3, S. 457-475
ISSN: 1573-0891
AbstractThis article explores why governments do not respond to public compliance problems in a timely manner with appropriate instruments, and the consequences of their failure to do so. Utilising a case study of Italian vaccination policy, the article considers counterfactuals and the challenges of governing health policy in an age of disinformation. It counterposes two methods of governing vaccination compliance: discipline, which uses public institutions to inculcate the population with favourable attitudes and practices, and modulation, which uses access to public institutions as a form of control. The Italian government ineffectively employed discipline for a number of years. Epistemological and organisational constraints stymied its efforts to tackle a significant childhood vaccination compliance problem. With a loss of control over the information environment, vaccinations were not served well by exogenous crises, the sensationalism of the news cycle and online misinformation. Hampered by austerity, lack of capacity and epistemic shortcomings, the Italian government did not protect the public legitimacy of the vaccination programme. Instead of employing communications to reassure a hesitant population, they focused on systemic and delivery issues, until it was too late to do anything except make vaccinations mandatory (using modulation). The apparent short-term success of this measure in generating population compliance does not foreclose the need for ongoing governance of vaccine confidence through effective discipline. This is evident for the COVID-19 vaccination campaign, with many Italians still indicating that they would not accept a vaccine despite the devastation that the disease has wrought throughout their country.
This article explores why governments do not respond to public compliance problems in a timely manner with appropriate instruments, and the consequences of their failure to do so. Utilising a case study of Italian vaccination policy, the article considers counterfactuals and the challenges of governing health policy in an age of disinformation. It counterposes two methods of governing vaccination compliance: discipline, which uses public institutions to inculcate the population with favourable attitudes and practices, and modulation, which uses access to public institutions as a form of control. The Italian government ineffectively employed discipline for a number of years. Epistemological and organisational constraints stymied its efforts to tackle a significant childhood vaccination compliance problem. With a loss of control over the information environment, vaccinations were not served well by exogenous crises, the sensationalism of the news cycle and online misinformation. Hampered by austerity, lack of capacity and epistemic shortcomings, the Italian government did not protect the public legitimacy of the vaccination programme. Instead of employing communications to reassure a hesitant population, they focused on systemic and delivery issues, until it was too late to do anything except make vaccinations mandatory (using modulation). The apparent short-term success of this measure in generating population compliance does not foreclose the need for ongoing governance of vaccine confidence through effective discipline. This is evident for the COVID-19 vaccination campaign, with many Italians still indicating that they would not accept a vaccine despite the devastation that the disease has wrought throughout their country.
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In: Journal of European public policy, Band 23, Heft 5, S. 735-752
ISSN: 1466-4429
Identification of active sites in heterogeneous metal catalysts is critical for understanding the reaction mechanism at the molecular level and for designing more efficient catalysts. Because of their structural flexibility, subnanometric metal catalysts, including single atoms and clusters with a few atoms, can exhibit dynamic structural evolution when interacting with substrate molecules, making it difficult to determine the catalytically active sites. In this work, Pt catalysts containing selected types of Pt entities (from single atoms to clusters and nanoparticles) have been prepared, and their evolution has been followed, while they were reacting in a variety of heterogeneous catalytic reactions, including selective hydrogenation reactions, CO oxidation, dehydrogenation of propane, and photocatalytic H2 evolution reaction. By in situ X-ray absorption spectroscopy, in situ IR spectroscopy, and high-resolution electron microscopy techniques, we will show that some characterization techniques carried out in an inadequate way can introduce confusion on the interpretation of coordination environment of highly dispersed Pt species. Finally, the combination of catalytic reactivity and in situ characterization techniques shows that, depending on the catalyst¿reactant interaction and metal¿support interaction, singly dispersed metal atoms can rapidly evolve into metal clusters or nanoparticles, being the working active sites for those abovementioned heterogeneous reactions. ; This work has been supported by the European Union through the European Research Council (grant ERC-AdG-2014- 671093, SynCatMatch) and the Spanish government through the "Severo Ochoa Program" (SEV-2016-0683). L.L. thanks ITQ for providing a contract. The authors also thank Microscopy Service of UPV for the TEM and STEM measurements. This research used resources of the Advanced Photon Source, an Office of Science User Facility operated for the U.S. Department of Energy (DOE) Office of Science by Argonne National Laboratory, and was supported by the U.S. DOE under contract no. DE-AC02-06CH11357 and the Canadian Light Source and its funding partners. The HR STEM and STEM−EELS studies were conducted at the Laboratorio de Microscopias Avanzadas, Universidad de Zaragoza, Spain. R.A. acknowledges support from Spanish MINECO grant MAT2016-79776-P (AEI/FEDER, UE), from the Government of Aragon and the European Social Fund (grant number E13_17R, FEDER, UE), and from the European Union H2020 program "ESTEEM3" (grant number 823717). A.V.P. thanks the Spanish Government (Agencia Estatal de Investigacion) and the European Union (European ́ Regional Development Fund) for a grant for young researchers (CTQ2015-74138-JIN, AEI/FEDER/UE).
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[EN] Identification of active sites in heterogeneous metal catalysts is critical for understanding the reaction mechanism at the molecular level and for designing more efficient catalysts. Because of their structural flexibility, subnanometric metal catalysts, including single atoms and clusters with a few atoms, can exhibit dynamic structural evolution when interacting with substrate molecules, making it difficult to determine the catalytically active sites. In this work, Pt catalysts containing selected types of Pt entities (from single atoms to clusters and nanoparticles) have been prepared, and their evolution has been followed, while they were reacting in a variety of heterogeneous catalytic reactions, including selective hydrogenation reactions, CO oxidation, dehydrogenation of propane, and photocatalytic H-2 evolution reaction. By in situ X-ray absorption spectroscopy, in situ IR spectroscopy, and high-resolution electron microscopy techniques, we will show that some characterization techniques carried out in an inadequate way can introduce confusion on the interpretation of coordination environment of highly dispersed Pt species. Finally, the combination of catalytic reactivity and in situ characterization techniques shows that, depending on the catalyst-reactant interaction and metal-support interaction, singly dispersed metal atoms can rapidly evolve into metal clusters or nanoparticles, being the working active sites for those abovementioned heterogeneous reactions. ; This work has been supported by the European Union through the European Research Council (grant ERC-AdG-2014-671093, SynCatMatch) and the Spanish government through the "Severo Ochoa Program" (SEV-2016-0683). L.L. thanks ITQ for providing a contract. The authors also thank Microscopy Service of UPV for the TEM and STEM measurements. This research used resources of the Advanced Photon Source, an Office of Science User Facility operated for the U.S. Department of Energy (DOE) Office of Science by Argonne National Laboratory, and was ...
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In: Index on censorship, Band 18, Heft 6-7, S. 50-51
ISSN: 1746-6067
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In: 10th Miami Behavioral Finance Conference
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In: Journal of Accounting, Auditing & Finance, 36(4), 826–853, 2021. https://doi.org/10.1177/0148558X20939332
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